Rocket Top of JD Power Mortgage Satisfaction Rating



Mortgage satisfaction rates rose from last year in JD Power’s 2021 study as consumers increased engagement and engagement with these providers due to the economic hardships caused by the pandemic.

But how condescension end and the borrower’s need to reach out to service personnel is diminishing, any associated increase due to the COVID-19 situation is also disappearing, explained Jim Houston, director of consumer finance analytics. Maintaining this connection is key to future business prospects.

“We find those clients who do not attract [with their servicer], satisfaction diminishes slightly over time, [and] they are less likely to return to that particular lender because there is no connection, ”he said.

More than half of the research is devoted to how service centers communicate with their customers. It turns out that mortgage services have learned from the financial crisis in terms of communication and assistance.

But technological advances have also contributed. “The speed with which [someone] can make changes to the digital world allowed [servicers] to be a little more agile than they were probably 10 years ago, ”said Houston.

Rocket Mortgage, formerly Quicken Loans, remained the leader in service providers for the eighth consecutive year with 860 points, six points higher than in the 2020 survey. Among the 32 organizations that received points, another non-bank bank, Guild, came in second with 825 points, followed by Huntington National Bank with 824 points.

The industry average is 787, six points higher. than last year, and 10 points above the level of 2019, the year the pandemic did not affect customer interactions.

But at the bottom of the survey, the scores are even higher. The lowest score this year, Shellpoint Mortgage Servicing, received 680 points, up from 668 a year ago. In 2021, the low PHH score climbed to the penultimate last year, but its score improved to 709, up 42 points from 667.

But even for companies at the bottom of the table, it was the focus on overall process improvement, not just abstinence-related growth, that led to better results, Houston said.

“On the service side of the business, people are starting to realize that there is goodwill that makes it easy for customers to do business with you, even if they are not your best customer,” Houston said. “This is the key, you should try to create a better process for all of your customers, not just your best customers.”

As for non-bank institutions, their average score increased by 17 points, while the average score of banks increased by only 4 points. Thus, while the average for banks is still higher, the gap has narrowed.

Banks typically have more than one product with a consumer, Houston said, while a mortgage agent only interacts once. Therefore, it is possible that the consumer has five interactions with the bank that may not be satisfactory. But a consumer who has one product with five different suppliers can have five good interactions.

“This is creating some uplift, but not in terms of operations, but more in terms of customer perception,” Houston said, adding that nonbanks have invested a lot in consumer-facing technology.

Restraint was not the only reason borrowers interacted with their service organizations in 2020. refinancing Demands for payment began to come in when mortgage rates fell to record lows.

“So take away the pandemic that disrupted normal service [procedures]and with a huge volume of new mortgages and refinancing so that you have both sides of the house – you pay off loans, you process payments, you bring in new loans. It was a pretty hectic period where they did a really good job, ”Houston said.

This all comes back to making sure the service staff has a connection and interaction with their client, especially at a time when many borrowers use automatic payments on their loan.

Because of this, “they are never contacted,” Houston said. “Servicemen need [to] think of this client because they won’t think of you when they refinance, [so] how do i connect? “


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